Zion Market Research

Global Fuel Tank Market to Witness Impressive Growth by 2016–2024

A storage tank designed to store fuel and to protect the flammable fluid is termed as the fuel tank. The fuel tank is generally assembled at internal part of the vehicle and integrated with the engine and to pump the fuel when gas is needed.

A storage tank designed to store fuel and to protect the flammable fluid is termed as the fuel tank. The fuel tank is generally assembled at internal part of the vehicle and integrated with the engine and to pump the fuel when gas is needed. Fuel tank varies in various sizes and it is a vital part of the vehicle as well as an important type of storage to keep the fire out of reach. The design of the fuel tank is made very precisely to avoid the direct contact of fuel with the atmosphere and leakages.

The global fuel tank market broadly segmented based on material type, its capacity, technology and regionally. Based on the type of material used to make the fuel tank, the global market is diversified as HDPE (high-density polyethylene) fuel tank, steel fuel tank, and aluminium fuel tank. Fuel tanks are designed in various sizes which differ vehicle to vehicle, based on the capacity of fuel tank it is diversified in <45 liter, 45 liter–70 liter, and >70 liter. In addition, fuel tank is used in various application such as various type of automobiles, space crafts, aircraft, and other modes of transport. Moreover, based on the technology it is developed using multilayer technology, barrier technology, and many others.

Global Fuel Tank Market: Growth Factors

The fuel tank is one of the crucial part assembled in automobiles and production of these tanks are done on large scale to fulfill the constant running production line, this end user segment plays a vital role in the growth of the global fuel tank market. The constantly rising demand of automobiles and rising number of vehicle production is also fostering the growth of the global fuel tank market. Rising demand for plastic fuel tanks owing to reduce the vehicle weight is vital development factor responsible for the market growth. Further, many automakers are shifting their focus towards development of electric vehicles which is somewhere hindering the growth of the global fuel tank market.

Geographically, global fuel tank market is widely segmented into various regions which include North America, Europe, Asia-Pacific, the Middle East & Africa and Rest of the World. North America is the leading the global fuel tank market followed by Europe. Asia-Pacific region is anticipated to grow rapidly in coming future owing to standardized living and rise in disposable income in specifically in India and China.

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